Achieved a F&D recycle ratio of 2.1x based on an estimated 2012 average
operating netback of $17.09/boe and the F&D of $8.07/boe for proved
plus probable reserves and achieved a FD&A recycle ratio of 40.8x based
on an estimated 2012 average operating netback of $17.09/boe and the
FD&A cost of $0.42/boe for proved plus probable reserves;

Proved reserves decreased by 2.7 per cent to 7.2 mmboe and were
essentially flat on a fully diluted per share basis;

Proved plus probable reserves decreased by 2.5 per cent to 15.0 mmboe
and were essentially flat on a fully diluted per share basis;

Based on field estimates, Insignia's production averaged approximately
3,575 boe per day and 3,290 boe per day for the fourth quarter and full
year 2012, respectively, which represented a 1.8 percent increase in
fourth quarter 2012 production compared to the fourth quarter of 2011
production and a 3.8 percent increase on a fully diluted per share
basis;

In 2012, Insignia spent $22.1 million (unaudited), which represented
approximately 1.3 times estimated 2012 cash flow and, factoring in the
$6.0 million of dispositions, represents a ratio of 1.0 times estimated
2012 cash flow; and,

Based on fourth quarter 2012 average production, Insignia's reserve life
index is 5.5 years on a proved basisand11.4 years on proved plus probable basis.

NET ASSET VALUE ("NAV")(a)

The net present value of the future net revenue attributable to the
Company's proved plus probable reserves (before tax and discounted at
10%) was $110.6 million resulting in a net asset value per share of
$1.98 per fully diluted common share.

December 31, 2012 NAV

$Millions, except per share amounts

GLJ Price Forecast (2013-01)

Proved plus Probable Reserves

Discounted at 10% (Before Tax) (b)

$110.6

Undeveloped Lands (c)

18.0

Net Debt (Unaudited) (a)

(11.2)

Proceeds from Dilutive Stock Options to NAV

4.3

Net Asset Value

121.7

Shares Outstanding (fully diluted) (000's) (d)

61,464

NAV per Share

$1.98

(a)

Financial information is based on management prepared financial
statements for the year ended December 31, 2012 which are in the
process
of being audited by Insignia's independent auditors and, accordingly,
such financial information is subject to change based on the results of
the
audit. See "Cautionary Statements - Unaudited Financial Information"
below.

(b)

Company's working interest (operating or non-operating) or "net" share
after deduction of royalty obligations plus the Company's royalty
interest
in reserves.

(c)

Undeveloped land value is based on a management prepared internal
estimate as at December 31, 2012. Insignia had a total of 118,366 net
undeveloped acres at year end 2012.

See "Cautionary Statement - Information Regarding Disclosure on Oil and
Gas Reserves and Operational Information" for explanations and
discussions and "Cautionary Statement - Forward looking information and
statements" for a statement of principal assumptions and risks that may
apply.

Summary of Oil and Gas Reserves as of December 31, 2012

LIGHT AND MEDIUM OIL

HEAVY OIL

CONVENTIONAL NATURAL GAS

NATURAL GAS LIQUIDS

TOTAL OIL EQUIVALENT

RESERVES CATEGORY

Gross (Mbbl)

Net (Mbbl)

Gross (Mbbl)

Net (Mbbl)

Gross (MMcf)

Net (MMcf)

Gross (Mbbl)

Net (Mbbl)

Gross(Mboe)

Net(Mboe)

PROVED

Producing

674

586

38

35

19,080

18,341

298

234

4,190

3,912

Developed Non-Producing

8

7

-

-

778

670

17

12

155

131

Undeveloped

-

-

-

-

15,718

14,043

223

164

2,843

2,504

TOTAL PROVED

681

593

38

35

35,576

33,054

538

410

7,187

6,547

PROBABLE

395

339

31

25

40,493

35,813

644

455

7,819

6,788

TOTAL PROVED PLUS
PROBABLE

1,077

932

69

60

76,069

68,868

1,182

866

15,006

13,336

Net Present Values of Future Net Revenue As of December 31, 2012, Forecast Prices and Costs

Other Company revenue and costs not related to a specific production
group have been allocated proportionately to the above noted
production groups.

(3)

Estimated future abandonment and reclamation costs related to a property
have been taken into account by GLJ in determining reserves that
should be attributed to a property and, in determining the aggregate
future net revenue therefrom, the reasonable estimated future well
abandonment costs were deducted. No allowance was made, however, for
reclamation of well sites or the abandonment and reclamation of
any facilities or wells which have no reserves assigned.

(4)

The after-tax net present value of the Insignia's oil and gas properties
reflects the tax burden on the properties on a stand-alone basis.
It does not consider the corporate tax situation, or tax planning. It
does not provide an estimate of the value at the level of the
corporation,
which may be significantly different. Insignia's financial statements
and the management's discussion and analysis should be consulted for
information at the level of the corporation.

In 2012, Insignia's capital program was directed toward the drilling of
four (3.5 net) wells and the completion of seven (5.5 net) wells in the
Company's three core areas. Exploration and Development Expenditures
("E&D") included opportunistic land purchases in a low natural gas price
environment. In 2012, Insignia spent $22.1 million on E&D of which
$2.1 million was on land purchases and $18.9 million on drilling,
completions and equipping.

2012

2011

Three Year Average 2010-2012

Proved

Proved plus Probable

Proved

Proved plus Probable

Proved

Proved plus Probable

Exploration and Development expenditures ($ thousands) (note 2)

22,070

22,070

26,992

26,992

80,558

80,558

Net Acquisitions/(Dispositions) ($ thousands) (note 2)

(5,962)

(5,962)

-

-

(6,230)

(6,230)

Change in future development capital ($ thousands)

- Exploration and Development

(11,879)

(15,782)

10,632

(11,430)

11,445

(3,378)

- Acquisitions/Dispositions

-

-

-

-

-

-

Reserves additions after revisions (Mboe)

- Exploration and Development

961

779

2,408

1,926

5,167

6,732

- Acquisitions/Dispositions

-

-

-

-

(10)

(12)

961

779

2,408

1,926

5,157

6,720

F&D and FD&A ($/boe)

Including Change in Future Development Cost (note 1)

Exploration and development

10.60

8.07

15.62

8.08

17.80

11.46

Dispositions

-

-

-

-

602.88

505.12

Total FD&A

4.40

0.42

15.62

8.08

16.63

10.56

Excluding Change in Future Development Cost

Exploration and development

22.97

28.33

11.21

14.01

15.59

11.97

Dispositions

-

-

-

-

602.88

505.12

Total FD&A

16.76

20.68

11.21

14.01

14.41

11.06

Operating Netback per boe (note 3)

17.09

17.09

23.91

23.91

19.49

19.49

Recycle Ratio - F&D (including FDC) (note 3)

1.6

2.1

1.5

3.0

1.1

1.3

Recycle Ratio - FD&A (including FDC) (note 3)

3.9

40.8

1.5

3.0

1.2

1.4

Reserves Replacement Ratio

83%

67%

202%

162%

153%

152%

Reserve Life Index based on fourth quarter average production (years)

5.5

11.4

5.8

12.0

-

-

Notes:

1.

Calculation includes reserve revisions and changes in future development
costs. Insignia also calculates FD&A costs which incorporate both the
costs and associated reserve additions related to acquisitions net of
any dispositions during the year. The aggregate of the exploration and
development costs incurred in the most recent financial year end and the
change during the year in estimated future development costs generally
will not reflect total finding and development costs related to reserve
additions for that year.

2.

2012 figures include information based on estimated unaudited financial
results that may change on the completion of the audited financial
statements. The 2012 and 2011 Exploration and Development expenditures
are presented in accordance with International Financial Reporting
Standards and the 2010 Exploration and Development expenditures for the
purposes of the three year average are presented in accordance with
Canadian GAAP applicable at the time.

On Insignia's current properties, management has identified in excess of
200 potential net drilling locations which the Company may exploit. In
the 2012 year end reserve report of these 200 potential net drilling
locations, 9.0 net wells have been included in the proved reserves and
25.4 net wells (13% of the potential drilling locations) have been
included in the total proved plus probable reserves. Entering 2013, the
Company has a significant unbooked drilling inventory.

LAND HOLDINGS
The Company has completed an internal evaluation of the fair market
value of the Company's undeveloped land holdings as at December 31,
2012. This evaluation was completed principally using industry activity
levels, third party transactions and land acquisitions that occurred in
proximity to Insignia's undeveloped lands during the past year. The
Company has estimated the value of its net undeveloped acreage at $18
million ($152 per acre).

A summary of the Company's land holdings at December 31, 2012 is
outlined below:

Developed

Undeveloped

Total

(acres)

Gross

Net

Gross

Net

Gross

Net

Alberta

81,115

53,043

110,510

87,185

191,625

140,228

British Columbia

4,726

1,050

21,846

7,483

26,572

8,533

Saskatchewan

20,622

20,211

24,143

23,698

44,765

43,909

Total

106,463

74,304

156,499

118,366

262,962

192,670

FIRST HALF 2013 CAPITAL BUDGET
In the first half of 2013, the Board of Directors of Insignia have
approved a capital budget of $7.5 million which is intended to be
directed to the drilling, completion and tie-in of one (1.0 net)
Mannville liquids rich natural gas well at Caroline and one (0.2 net)
horizontal Cardium oil well at Pembina and one (1.0 net) recompletion
of a vertical Montney well at Pouce Coupe.

NORMAL COURSE ISSUER BID ("NCIB")
On March 16, 2012 the Company had announced a NCIB to purchase the
Company's common shares on the TSX. As of December 31, 2012 the
Company had purchased 1,103,200common shares at an average price of $0.79 per common share for a total
cost of $0.9 million. As a result of the NCIB the Company had
57,858,909 common shares outstanding as of December 31, 2012.

CAUTIONARY STATEMENTS

Unaudited financial information

Certain financial and operating information included in this press
release for the quarter and year ended December 31, 2012, such as
exploration and development expenditures, cash flow, finding,
development and acquisition costs, net debt, operating netback and net
asset value, are based on estimated unaudited financial results for the
quarter and year then ended, and are subject to the same limitations as
discussed under "Forward- looking information and statements" set out
below. These estimated amounts may change upon the completion of
audited financial statements for the year ended December 31, 2012 and
changes could be material.

The reserves data set forth above is based upon an independent reserves
assessment and evaluation prepared by GLJ with an effective date of
December 31, 2012 (the "GLJ Report"). The presentation summarizes the
Company's crude oil, natural gas liquids and natural gas reserves and
the net present values before income tax of future net revenue for the
Company's reserves using forecast prices and costs based on the GLJ
Report. The GLJ Report has been prepared in accordance with the
standards contained in the COGE Handbook and the reserve definitions
contained in National Instrument 51-101 ("NI 51-101").

All evaluations and reviews of future net revenue are stated prior to
any provisions for interest costs or general and administrative costs
and after the deduction of estimated future capital expenditures for
wells to which reserves have been assigned. It should not be assumed
that the estimates of future net revenues presented in the tables above
represent the fair market value of the reserves. There is no assurance
that the forecast prices and cost assumptions will be attained and
variances could be material. The recovery and reserve estimates of our
crude oil, natural gas liquids and natural gas reserves provided herein
are estimates only and there is no guarantee that the estimated
reserves will be recovered. Actual crude oil, natural gas and natural
gas liquids reserves may be greater than or less than the estimates
provided herein.

The reserve data provided in this release only represents a summary of
the disclosure required under NI 51-101. Additional disclosure will be
provided in the Company's Annual Information Form filed on www.sedar.com on or before March 31, 2013.

In relation to the disclosure of net asset value ("NAV"), the NAV table shows what is normally referred to as a "produce-out"
NAV calculation under which the current value of the Company's reserves
would be produced at forecast future prices and costs and do not
necessarily represent a "going concern" value of the Company. The value
is a snapshot in time and is based on various assumptions including
commodity prices and foreign exchange rates that vary over time. It
should not be assumed that the future net revenues estimated by GLJ
represent the fair market value of the reserves, nor should it be
assumed that Insignia's internally estimated value of its undeveloped
land holdings represent the fair market value of the lands.

Non-GAAP Measures Advisory

The above information includes non-GAAP measures not defined under
generally accepted accounting principles ("GAAP") applicable to public companies at the relevant time, which for
certainty, for financial years beginning on or after January 1, 2011 is
International Financial Reporting Standards applicable to public
accountable enterprises, including operating netback, recycle ratio,
net cash and reserve life index. Non-GAAP measures do not have any
standardized meaning prescribed by GAAP and are therefore unlikely to
be comparable to similar measures presented by other issuers. Operating
netback is calculated as revenue less royalties, operating expenses,
transportation expenses and net of any realized gains or losses on
financial contracts. Recycle ratio is calculated as operating netback
divided by the capital cost of reserve F&D/FD&A costs which is one of
our indicators to ensure our capital programs are adding reserves at an
economic cost. Reserve life index is calculated by dividing our
reserves by our annualized fourth quarter production which is one of
our indicators for quality of a reserve base.

Forward-looking information and statements

This news release contains certain forward-looking information and
statements within the meaning of applicable securities laws. The use of
any of the words "expect", "anticipate", "continue", "estimate", "may",
"will", "project", "should", "believe", "plans", "intends" and similar
expressions are intended to identify forward-looking information or
statements. In particular, but without limiting the forgoing, this news
release contains forward-looking information and statements pertaining
to the following: capital expenditures; the volumes and estimated value
of Insignia's oil and gas reserves; the life of Insignia's reserves;
the volume and product mix of Insignia's oil and gas production; and
future oil and natural gas prices.

In addition, forward-looking statements or information are based on a
number of material factors, expectations or assumptions of Insignia
which have been used to develop such statements and information but
which may prove to be incorrect. Although Insignia believes that the
expectations reflected in such forward-looking statements or
information are reasonable, undue reliance should not be placed on
forward-looking statements because Insignia can give no assurance that
such expectations will prove to be correct. In addition to other
factors and assumptions which may be identified herein, assumptions
have been made regarding, among other things: results from drilling and
development activities consistent with past operations; the continued
and timely development of infrastructure in areas of new production;
continued availability of debt and equity financing and cash flow to
fund Insignia's current and future plans and expenditures; the impact
of increasing competition; the general stability of the economic and
political environment in which Insignia operates; the timely receipt of
any required regulatory approvals; the ability of Insignia to obtain
qualified staff, equipment and services in a timely and cost efficient
manner; drilling results; the ability of the operator of the projects
in which Insignia has an interest in to operate the field in a safe,
efficient and effective manner; the ability of Insignia to obtain
financing on acceptable terms; field production rates and decline
rates; the ability to replace and expand oil and natural gas reserves
through acquisition, development and exploration; the timing and cost
of pipeline, storage and facility construction and expansion and the
ability of Insignia to secure adequate product transportation; future
commodity prices; currency, exchange and interest rates; regulatory
framework regarding royalties, taxes and environmental matters in the
jurisdictions in which Insignia operates; and the ability of Insignia
to successfully market its oil and natural gas products.

The forward-looking information and statements included in this news
release are not guarantees of future performance and should not be
unduly relied upon. Such information and statements, including the
assumptions made in respect thereof, involve known and unknown risks,
uncertainties and other factors that may cause actual results or events
to defer materially from those anticipated in such forward-looking
information or statements including, without limitation: changes in
commodity prices; changes in the demand for or supply of Insignia's
products; unanticipated operating results or production declines;
changes in tax or environmental laws, royalty rates or other regulatory
matters; changes in development plans of Insignia or by third party
operators of Insignia's properties, increased debt levels or debt
service requirements; inaccurate estimation of Insignia's oil and gas
reserve and resource volumes; limited, unfavourable or a lack of access
to capital markets; increased operating costs; a lack of adequate
insurance coverage; the impact of competitors; and certain other risks
detailed from time-to-time in Insignia's public disclosure documents,
(including, without limitation, those risks identified in this news
release and Insignia's Annual Information Form).

The forward-looking information and statements contained in this news
release speak only as of the date of this news release, and Insignia
does not assume any obligation to publicly update or revise any of the
included forward-looking statements or information, whether as a result
of new information, future events or otherwise, except as may be
expressly required by applicable securities laws.

BOE equivalent

Barrel of oil equivalents or BOEs may be misleading, particularly if
used in isolation. A BOE conversion ratio of 6 mcf: 1 bbl is based on
an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead.
Given that the value ratio based on the current price of crude oil as
compared to natural gas is significantly different from the energy
equivalency of 6:1, utilizing a conversion on a 6:1 basis may be
misleading as an indication of value.

ABOUT INSIGNIA

Insignia is a Calgary, Alberta based oil and gas exploration,
development and production company whose shares are traded on the
Toronto Stock Exchange under the trading symbol "ISN".